As the world's largest carbon resources country with relatively great carbon emission, China in has just started its carbon trade. China is only a passive participant in international carbon trading market, rarely participating in the project of Clean Development Mechanism (CDM). Therefore,...

We discuss the strategic behavior of agents on a financial market in the presence of a central bank which is borrowing and lending money.

Braess' paradox is a counter-intuitive phenomenon which can occur in congesting networks.It refers to those cases where the introduction of a new link in the network results in thetotal travel time on the network increasing.The dissertation starts by introducing the traffic assignment problem...

We analyze a model of Internet auctions. Sellers each offer one item of a heterogeneous good to bidders who have unit-demand preferences. Items are sold in second-price proxy auctions. We derive a perfect Bayesian (epsilon-) equilibrium. Our experimental findings support the theoretical results....

Because sequential auctions have permeated society more than ever, it is desirable for participants to have the optimal strategies beforehand. However, finding closed-form solutions to various sequential auction games is challenging. Current literature provides some answers for specific cases...

"This theme paper focuses on political institutions and their effects on social choice. Institutions are argued to play a mediating rolebetween the preferences of individuals and social choices. In addition to playing an endogenous role in molding and channeling preferences, institutions...

Online Consumer-to-Consumer Communication Networks are characterized by informational and social benefits as well as time and effort costs for participants. Therefore, this dissertation takes an economic perspective on the network formation process as a determinant of value for consumers and...

Diese Doktorarbeit besteht aus vier eigenständigen Forschungsarbeiten, die in der Zeit von Oktober 2004 bis Oktober 2007 geschrieben wurden, während ich Teilnehmer am "Doctoral Programme in Quantitative Economics and Finance" an der Universität Konstanz war. Meine Forschungsinteressen...

Today's predominant disclosure philosophy calls for the fulldisclosure of all decision relevant information bycompanies. More publicly available information, theargument goes, limits the adverse selection problem by reducinginformation asymmetry among heterogeneous investors. Thus, theliquidity...